Forensic audit services refers to the auditing done on any individual financial information in order to use it as an evidence for legal adjournment. Forensic auditing is expected to meet the suitability of use in court. Forensic audit procedures are complicated and it requires special skill set to perform up to the standard.
Critical assessment and professional skills are coupled to conduct the best forensic audit. Beyond evaluating statements, forensic auditing includes investigation, bringing evidence, writing reports, understanding the legal scope of evidence, and how to prove it in the court
Forensic auditing work
Forensic audit procedures has got its own unique peculiarities with respect to its purpose. The way of detecting fraud and way of documenting has made this type of audit unique. Forensic audit services are usually performed on two phase.
looking into the accounts and statement
Litigation Services –
Whenever any fraudulent activities are detected, every organization try to resolve it within themselves. However, there are times when they need to be resolved through legal channels. In such a scenario, forensic auditors give litigation support to the advocates. Their advice and consultation about the legalities of commercial disputes are very essential. Relevant documents and proof will be submitted in accordance to the enquiry and verification. They are also called up by the Court as an expert witness for further investigation.
Forensic audit procedures
This procedure involves systematic approach on detecting and studying of suspected issues in the organization. Professional forensic auditors will perform this complicated operation to high lite any kind of unfortunate happenings.
- Accepting the investigation
- Planning the investigation
- Gathering evidence
- Court proceedings
When forensic audit services are required?
Organization request or demand forensic audit procedures from experienced hands, when they are prone to any fraudulent activities.Major issues involved are:
Corruption is one of the major obstacle that an organization may face from its surroundings. Any illegitimate use of resources or dishonest behavior is considered as corruption. It may lead to serious illness of the organization which even can cause towards the closure of the company. A forensic auditor will help organization to overcome such scenarios by the inspection of financial resources or documents.
Major corruption challenges faced by the organizations include:
- Bribery – This is the action of getting undeserved payment or demanding payment in return of service, from the customers, suppliers or any person who may come in contact with the business. This is considered as the serious theft that will injure the organization at maximum. Forensic auditing will detect these kind of suspicious activities with clear evidence.
- Extortion – forensic auditors will easily inspect on any suspected extortion activities in the organization. If any employees or department is suspected for extortion, organization may seek the help of forensic auditors.
- Conflict of interest – Forensic auditing will resolve any kind of conflicts elated to the financial activities of a firm.
Asset misappropriation includes misappropriation of cash, fake invoice creations, payments made to non-existing suppliers, misuse of assets, theft of inventory etc. This kind of actions will interrupt the organization seriously as those actions will obstacle cash flow. Organizations will move towards forensic audit to detect these fraudulent actions and based on the report from forensic audit services, further decisions may apply.
This type of corruption is mainly of the alterations in the financial statements of the company. Pseudo statements may mislead the well-wishers or create a negative impression on the company. When any misrepresentation regarding the income or revenue of the organization is occurring, the entire chain involved in the organizational structure is disrupted. If any kind of fraudulent statement is doubted or noticed, organization will seek forensic audit service from the experts.
We are highly committed to deliver quality forensic audit to safeguard your organization from the subjected threat. Our expert forensic auditor’s will detect any kind of suspected issues with scientific and investigative forensic audit procedure.
Advantages of forensic auditing
- It helps to minimize and prevent unnecessary loss from the organization
- Increases the efficiency
- It reduces the exploitation risks
- Prevent fraudulent activities
- Improved brand reputation